Canadian aerospace composites company Formula Solutions Inc (FSI) has been awarded a C$3.1m ($2.3m) investment from FedDev Ontario to support its growth.

With the repayable contribution, FSI will purchase new equipment and add an automated production line.

The expansion project will enable the company to advance the vacuum assisted resin transfer moulding process.

The new line will be capable of annually producing 10,000 complex aircraft components.

Canada Economic Development and Official Languages Minister responsible for Southern Ontario Federal Economic Development Agency Mélanie Joly said: “Advanced manufacturing supports well-paying jobs in communities across Canada while producing the quality goods that the world needs.  

‘’The pandemic has deeply affected supply chains and today’s announcement further highlights our government’s commitment to supporting our manufacturers in the aerospace sector through this challenging time.

“Our message to them is clear: we’ve long supported the manufacturing industry, we’ve been here for you with immediate measures, we’re here for you through this crisis for as long as it lasts, whatever it takes.

“We’re working with you to create quality jobs and help Canadian manufacturing businesses adapt to this economic context to come back strong.” 

In addition, the funding will enable the company to create 70 new jobs in Burlington. 

FedDev Ontario has already invested more than $521m in 428 manufacturing projects across southern Ontario since 2015. 

Last month, the new Canadian Advanced Air Mobility Consortium (CAAM) was launched to support, design and implement advanced air mobility (AAM) in the country.